• UAE, Egypt central banks ink currency swap deal

    ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...

    The CBUAE is keen to deepen its cooperation with the CBE to positively impact the trade and investment, said the Governor of UAE’s central bank.

    This step will bolster cooperation between the financial sectors in both the currencies, said the Governor of Egypt’s central bank.

  • Aramco to invest in LNG

    The deal will be Aramco's first international investment in LNG.

    Aramco is likely to acquire a minority stake worth $500 million in MidOcean Energy, which is managed by the US investment firm EIG.

    Aramco wants to become "a leading global LNG player", the firm's upstream president Nasir K. al-Naimi said.

  • New update allows ChatGPT to use internet for fetching data

    New York, US - The generative AI platform ChatGPT can now fetch data directly from the internet and gather up-to-date information...

    "ChatGPT can now browse the internet to provide you with current and authoritative information, complete with direct links to sources," OpenAI said.

    Until now, ChatGPT's responses to user queries were based on a vast database, which did not contain information from after August 2021.

  • Israel sells Arrow 3 missile defense system to Germany for US$3.5bn

    TEL AVIV, ISRAEL - Israel's US$3.5-billion sale of its Arrow 3 missile defense system to Germany, sparked by security fears after...

    Israeli arms exports reached a new record of $12.5 billion dollars last year, double the amount from three years earlier, says its defense ministry.

    Israel, together with its top ally the United States, has developed hi-tech systems designed to knock incoming rockets and missiles out of the sky.

  • UAE markets top Arab stock exchanges in trading, says AMF

    ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...

    The AMF said that the UAE markets achieved monthly market gains of over US$6.2 billion.

    The fund said the market capitalization of the Saudi Financial Market reached US$2.97 trillion.

  • Red Sea Global teams up with Bear Grylls Survival Academy

    Riyadh, Saudi Arabia--Red Sea Global (RSG) will become the exclusive agent for Bear Grylls Survival Academy (BGSA) bringing the world-famous...

    The collaboration between the two promises to offer outdoor enthusiasts the opportunity to learn key team building, wilderness education and survival skills

    Red Sea Global looks to recurit and train local outdoor enthusiasts in the art of survival and expedition leadership, creating hundreds of jobs for Saudis

  • Technical glitch stifles production at Volkswagen

    According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...

    The disruption began at 12:30 pm (1030 GMT) and had still not been resolved by the evening, Volkswagen said

    The cause of the technical problems was not known but "an external attack is unlikely to be the cause", German automaker said

  • Oil prices climb up to highest level in a year

    The jump in oil prices came in the wake of a a surprising drop in US crude inventories. Oil prices...

    The increase in crude prices was seen by analysts as a drag on US equities, which opened higher, but finished mixed

    The dollar added to gains seen as higher US bond yields make the greenback more attractive as a haven

  • Meta putting AI in smart glasses, assistants and more

    Zuckerberg made his announcements at the Connect developers conference at Meta's headquarters in Silicon Valley, the company's main annual product...

    The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica will have a starting price of $299 when they hit the market on October 17

    Meta also introduced 28 AI characters that people can message on WhatsApp, Messenger and Instagram with "personalities" based on celebrities including Snoop Dogg

  • Iran exports goods worth US$9.1bn to BRICS nations from March to August

    Tehran, Iran--Iran has exported 27.7 million tons of goods worth $9.1 billion to BRICS member countries from March 21-August 21,...

    Some 70.3 million tons of non-oil goods worth $43.5 billion were traded between Iran and the rest of the world during the same period

    The top five export destinations for Iran's non-oil goods were China ($5.6bn), the UAE ($2.3bn), India ($845m), Russia (361m) and S. Africa ($51.5m)